CHICAGO, Aug. 11 (Reuters) - Chicago Board of Trade wheat edged lower, with disruptions to Black Sea exports already factored into the market and reports of progress in talks to restore shipping through the Strait of Hormuz also hampering prices.
- Wheat prices had risen earlier, adding to gains from the two previous sessions, supported by signs that attacks by Ukraine and Russia on each other's shipping routes were reducing export flows.
- Falling prices in Russia, slow international demand and efforts by Kyiv and Moscow to use alternative logistics routes have tempered market reaction to Black Sea tensions.
- The U.S. Department of Agriculture late on Monday rated 51% of the U.S. spring wheat crop in good-to-excellent condition, down 4 points from the previous week, while analysts, on average, had expected only a 1-point drop.
- The U.S. spring wheat harvest was 24% complete, ahead of the five-year average of 19%, and the winter wheat harvest was 91% complete, matching the five-year average.
- CBOT benchmark wheat Wv1 settled 10-1/4 cents lower to $6.30-1/4 per bushel.
- CBOT September soft red winter wheat WU26 settled 14-1/4 cents lower to $6.99-1/4 per bushel.
- K.C. September hard red winter wheat KWU26 settled 10-3/4 cents lower to $6.59-1/4 per bushel.
